BOC Aviation posts net loss of US$313 million for first-half 2022

BOC Aviation has reported that total revenues and other income in the first half of 2022 increased 8% to US$1,196 million compared with the first half of 2021. Operating cash flow net of interest increased 29% to US$717 million compared with the first half of 2021. The company posted a net loss after tax of US$313 million, compared with a net profit after tax of US$254 million in the first half of 2021.

This included write-downs of US$804 million related to the net book value of aircraft remaining in Russia partially offset by US$223 million of cash collateral held by the group in respect of those aircraft and US$63 million of tax credit, resulting in an after-tax impact of US$518 million.

Total assets decreased 4% to US$22.8 billion as of June 30, 2022, compared with December 31, 2021, primarily on account of the write-down of the net book value of aircraft remaining in Russia. The company maintained strong liquidity with US$454 million in cash and short-term deposits in addition to US$5.5 billion in undrawn committed credit facilities as of June 30, 2022. (£1.00 = US$1.19 at time of publication)

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